|
. .
<br /> 06-01-1999 � `' DEED OF TRUST [�(�1Q�825 Page 4
<br /> Loan No 764042 (Continued) ����
<br /> �eimburse Trustor from the proceeds for the reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. Any
<br /> proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
<br /> the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest,and the remainder,if
<br /> any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness,such
<br /> proceeds shall be paid to Trustor as Trusto�'s interests may appear.
<br /> Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of,and pass to,the purchaser of the Property covered by this
<br /> Deed of Trust at any trustee's sale or other sale held under the provisions of this Deed of Trust,or at any foreclosure sale of such Property.
<br /> Compllance with E7cisting Indebtedness. During the period in which any Existing Indebtedness described below is in effect,compliance with
<br /> the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance
<br /> provisions under this Deed of Trust,to the extent compliance with the terms of this Deed of Trust would consfitute a duplication of insurance
<br /> requirement. If any proceeds from the insurance become payable on loss, the provisions in this Deed of Trust for division of proceeds shall
<br /> apply only to that porfion of the proceeds not payable to the holder of the Existing Indebtedness.
<br /> D(PENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, including any obligation to maintain-Existing
<br /> Indebtedness in good standing as required below,or if any action or proceeding is commenced that would materially affect Lender's interests in the
<br /> Property, Lender on Trustor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender
<br /> expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by Lender to the date of repayment by
<br /> Trustor. All such expenses,at Lender's option,will (a)be payable on demand, (b)be added to the balance of the Note and be apportioned among
<br /> and be payable with any installment payments to become due during either (i)the term of any applicable insurance policy or (ii)the remaining term
<br /> of the Noie, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This Deed of Trust also will secure
<br /> payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be
<br /> entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that
<br /> it otherwise wouid have had. , ,
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust.
<br /> Tltle. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple,free and clear of all liens and
<br /> encumbrances other than those set forth in the Real Properiy description or in the Existing Indebtedness saction below or in any title insurance
<br /> policy,ti8e report,or tinal title opinion issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the
<br /> full right,power,and suthority to execute and deliver this Deed of Trust to Lender.
<br /> Detense of Title. Subject to the exception in the paragraph above,Trustor warrants and will forever defend the title to the Property against the
<br /> lawful claims of all persons. In the event any action or proc,�eeding is commenced that quesHons Trustor's title or the interest of Trustee or
<br /> Lender under this Deed of Trust,Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding,but
<br /> Lender shall be entitled�to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
<br /> Trustor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from time to time to permit such participation.
<br /> ,,C�ompllance With L.ews. Trustor warrants that the Property and Trustor's use of the Property complies with all existing applicable Iaws,
<br /> ,ordinances,and regulations of governmental suthorities.
<br /> DCISTING INDEBTEDNESS. The following provisions concerning ebsting indebtedness (the"E�asting Indebtedness'� are a part of this Deed of
<br /> Trust.
<br /> �'�7ciating Llen. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to the lien securing payment of an
<br /> •�xisting obligation with an account number of 66555 to EQUITABLE BLG AND LOAN. The ebsting obligation has a current principal balance of
<br /> approbmately$67,200.00 and is in the original principal amount of$67,900.00. Trustor expressly covenants and agrees to pay, or see to the
<br /> payment of, the Existing Indebtedness and to prevent any default on such indebtedness,any default under the instruments evidenci�j such
<br /> indebtedness,or any default under any security documents for such indebtedness.
<br /> Default. If the payment of any installment of principal or any interest on the F�dsting Indebtedness is not made within the time required by the
<br /> note evidencing such indebtedness,or should a default occur under the instrument securing such indebtedness and not be cured during any
<br /> applicable grace period therein, then,at the option of Lender,the Indebtedness secured by this Deed of Trust shall become immediately due
<br /> and payable,and this Deed of Trust shall be in default.
<br /> No Modiflcation. Trustor shall not enter into any agreement with the holder of any mortgage,deed of trust,or other security agreement which
<br /> has prioriiy over this Deed of Trust by which that agreemQnt is modified,amended,extended, or renewed without the prior writtPn consent of
<br /> Lender. Trustor sha�t neither request nor accept ehy future"advances unde�any such security agreement wlthout the prfor written consent of
<br /> Lender.
<br /> CONDEMNATION. The following provisions relating to condemnation proc�edings are a part of this Deed of Trust.
<br /> Applicatlon of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
<br /> purctase in lieu of condemnation,Lender may at its election require that all or any portion of the net proceeds of the award be applie�to the
<br /> Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable
<br /> cosls,expenses,and attorneys'fees incurred by Trustee or Lender in connection with the condemnation.
<br /> Prceeedfngs. If any proceeding in condemnation is filed,Trustor shall promptly notify Lender in writing,and Trustor shall prompNy take such
<br /> steps as may be necessary to defend the action and obtain the award. Trustor may be the nominal party in such proceeding,but Lender shall
<br /> be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or
<br /> cause to be delivered to Lender such instruments as may be requested by it from time to time to permit such participation.
<br /> IMP.,Q,,$ITION OF TAXES,FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
<br /> fees and charges are a part of this Deed of Trust:
<br /> Current Taxes,Fees and Charges. Upon request by Lender,Trustor shall execute such documents in addition to this Deed of Trust and take
<br /> whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for all
<br /> ,taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including without
<br /> ��limitation all taxes,faes,documentary stamps,and other charges for recording or registering this Deed of Trust.
<br /> Taxes. The following shall constitute taxes to which this section applies: (a)a specific tax upon this type of Deed of Trust or upon all or any
<br /> part of the Indebtedness secured by this Deed of Trust; (b)a speciflc tax on Trustor which Trustor is suthorized or required to dedwct from
<br /> payments on the Indebtedness secured by this type of Deed of Trust; (c)a tax on this type of Deed of Trust chargeable against the Lender or
<br />
|